The Bronco Corporation exchanged land for equipment. The land had a book value of $139,000 and a fair value of $188.000. Bronco paid the owner of the equipment $29,000 to complete the exchange which has commercial substance. Required: 1. What is the fair value of the equipment? 2. Prepare the journal entry to record the exchange Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the fair value of the equipment? Fair value Required 2 > Journal entry worksheet Record the entry of exchange of assets. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal